Aadhaar Enabled Payment System
Aadhaar Enabled Payment System (AePS) is a service developed by the National Payments Corporation of India(NPCI). It allows a bank customer to use their Aadhaar number and biometric authentication to access various banking services, including cash withdrawal, balance enquiry, fund transfer, and more.
Features & Benefits:
- Aadhaar-linked transactions: AePS enables Aadhaar card holders to make transactions through their Aadhaar-linked bank accounts.
- Biometric authentication: Transactions are completed by submitting the Aadhaar number and biometric details (fingerprint or face or iris scan) at Points of Sale (PoS) or micro ATMs used by Business Correspondents of Paytm Payments Bank, ensuring secure and reliable transactions.
- User-friendly: AePS is designed to be user-friendly, making it easy for individuals to understand and use the system for various financial transactions.
- Empowering the underprivileged: AePS plays a significant role in empowering the unreached and underprivileged sections of society by providing them with access to banking services and enabling digital financial transactions.
- Interoperability: AePS system facilitates inter-operability across banks in a safe and secure manner, providing a convenient way to send and receive money, eliminating the need for physical bank branch visits.
- Basic banking services: AePS allows Aadhaar card holders to perform various basic banking transactions such as: Cash deposit, Cash withdrawal, Balance enquiry, Mini-statement, Aadhaar to Aadhaar Fund transfer. These transactions can be conducted through a banking correspondent (Paytm Payments Bank Agent).
How to Use the AePS Facility?
To utilize the AePS facility, an Aadhaar card holder with a linked bank account can follow these steps:
- Visit your nearby Paytm Payments Bank Agent / Banking Correspondent - click here to know the near by BC agent location
- Enter the Aadhaar number/virtual id into the Point of Sale (PoS) / micro ATM machine.
- Select the transaction type and specify the bank’s name.
- Enter the transaction amount to proceed with the transaction.
- Provide biometric authentication (fingerprint or face or iris scan) to confirm the payment.
- Upon successful completion, a receipt will be generated for the transaction.
Note: A banking correspondent works as an agent of Paytm Payments Bank to provide banking services as an extended arm of the bank branch - click here to know more about services offered by Paytm Payments Bank Agent.
A Paytm Payments Bank account holder can withdraw cash from his / her account up to Rs. Rs.50,000 per month using AePS at any participating bank’s business correspondent location. Please note, the maximum transaction amount for a single AePS financial transaction has been set by NPCI at Rs. 10,000.
